THE URBAN LAND ECONOMICS TRADITION: HOW HETERODOX ECONOMIC THEORY SURVIVES IN THE REAL ESTATE APPRAISAL PROFESSION

Ranney Ramsey

A chapter in Wisconsin "Government and Business" and the History of Heterodox Economic Thought, 2004, pp 347-378 from Emerald Group Publishing Limited

Abstract: This article identifies the concept of market value as a standardizing concept that coordinates the actions of market participants in relatively inefficient real estate markets. The paper also identifies different levels of discourse that reflect the organizational/institutional complexity of the real estate appraisal profession. The standardizing effect of market value includes a cognitive and fiduciary component. Using this framework, the paper traces the influence of Richard T. Ely’s institutional economics – and its legacy in the form of the research program of Urban Land Economics at the University of Wisconsin – on the formation and development of the standards of appraisal and ethical practice. This complexity is traced historically from the early part of the 19th century to the formation of the professional organizations and the establishment of their standards, and also through a series of reform efforts in the 1960s and 1980s that were articulated in the academic community. The paper illustrates the manner in which Institutional Economics has been influential in the continuing development of the real estate appraisal profession and suggests reasons for its continuing relevance.

Date: 2004
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://www.emerald.com/insight/content/doi/10.101 ... d&utm_campaign=repec (text/html)
https://www.emerald.com/insight/content/doi/10.101 ... d&utm_campaign=repec (application/pdf)
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eme:rhetzz:s0743-4154(03)22058-7

DOI: 10.1016/S0743-4154(03)22058-7

Access Statistics for this chapter

More chapters in Research in the History of Economic Thought and Methodology from Emerald Group Publishing Limited
Bibliographic data for series maintained by Emerald Support ().